Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Components of net periodic benefit cost

The following tables 11.1, 11.2, and 11.3 provide the components of aggregate annual net periodic benefit cost for each of the years ended December 31, 2018, 2017, and 2016 and changes in the benefit obligation and the funded status of the pension, supplemental executive retirement and other postretirement benefit plans as recognized in the consolidated balance sheets as of December 31, 2018 and 2017.

Components of net periodic benefit cost
Table	11.1
		Pension and Supplemental Executive Retirement Plans									Other Postretirement Benefits
(In thousands)		12/31/2018			12/31/2017			12/31/2016			12/31/2018			12/31/2017			12/31/2016
1. Company Service Cost		$	10,530		$	9,556		$	9,130		$	1,160		$	813		$	751
2. Interest Cost		15,095			15,475			15,906			834			706			704
3. Expected Return on Assets		(22,250		)	(20,099		)	(19,508		)	(6,359		)	(5,248		)	(4,886		)
4. Other Adjustments		—			—			—			—			—			—
Subtotal		3,375			4,932			5,528			(4,365		)	(3,729		)	(3,431		)
5. Amortization of:
a. Net Transition Obligation/(Asset)		—			—			—			—			—			—
b. Net Prior Service Cost/(Credit)		(351		)	(426		)	(687		)	(4,104		)	(6,649		)	(6,649		)
c. Net Losses/(Gains)		6,937			6,169			5,856			(250		)	—			—
Total Amortization		6,586			5,743			5,169			(4,354		)	(6,649		)	(6,649		)
6. Net Periodic Benefit Cost		9,961			10,675			10,697			(8,719		)	(10,378		)	(10,080		)
7. Cost of settlements		—			—			1,277			—			—			—
8. Total Expense for Year		$	9,961		$	10,675		$	11,974		$	(8,719	)	$	(10,378	)	$	(10,080	)

Development of funded status

Development of funded status
Table	11.2
		Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)		12/31/2018			12/31/2017			12/31/2018			12/31/2017
Actuarial Value of Benefit Obligations
1. Measurement Date		12/31/2018			12/31/2017			12/31/2018			12/31/2017
2. Accumulated Benefit Obligation		$	375,562		$	411,996		$	28,085		$	24,716
Funded Status/Asset (Liability) on the Consolidated Balance Sheet
1. Projected Benefit Obligation		$	(376,153	)	$	(417,770	)	$	(28,085	)	$	(24,716	)
2. Plan Assets at Fair Value		359,719			401,142			77,762			85,303
3. Funded Status - Overfunded/Asset		N/A			N/A			$	49,677		$	60,587
4. Funded Status - Underfunded/Liability		(16,434		)	(16,628		)	N/A			N/A

Accumulated other comprehensive income (loss)
Table	11.3
		Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)		12/31/2018			12/31/2017			12/31/2018		12/31/2017
1. Net Actuarial (Gain)/Loss		$	110,321		$	109,904		$	939	$	(10,234	)
2. Net Prior Service Cost/(Credit)		(1,513		)	(1,850		)	2,690		(5,342		)
3. Net Transition Obligation/(Asset)		—			—			—		—
4. Total at Year End		$	108,808		$	108,054		$	3,629	$	(15,576	)

Change in projected benefit obligation

Table 11.4 shows the changes in the projected benefit obligation for 2018 and 2017.

Change in projected benefit / accumulated benefit
Table	11.4
		Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)		12/31/2018			12/31/2017			12/31/2018			12/31/2017
1. Benefit Obligation at Beginning of Year		$	417,770		$	369,808		$	24,716		$	17,378
2. Company Service Cost		10,530			9,556			1,160			813
3. Interest Cost		15,095			15,475			834			706
4. Plan Participants' Contributions		—			—			475			395
5. Net Actuarial (Gain)/Loss due to Assumption Changes		(36,132		)	38,496			(1,209		)	5,981
6. Net Actuarial (Gain)/Loss due to Plan Experience		2,487			2,338			(692		)	924
7. Benefit Payments from Fund (1)		(32,674		)	(17,578		)	(1,077		)	(1,404		)
8. Benefit Payments Directly by Company		(908		)	(335		)	—			—
9. Plan Amendments		(15		)	10			3,928			—
10. Other Adjustment		—			—			(50		)	(77		)
11. Benefit Obligation at End of Year		$	376,153		$	417,770		$	28,085		$	24,716

⁽¹⁾  Includes lump sum payments of $20.9 million and $6.3 million in 2018 and 2017, respectively, from our pension plan to eligible participants, which were former employees with vested benefits.

Change in plan assets

Tables 11.5 and 11.6 shows the changes in the fair value of the net assets available for plan benefits, and changes in other comprehensive income (loss) during 2018 and 2017.

Change in plan assets
Table	11.5
		Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)		12/31/2018			12/31/2017			12/31/2018			12/31/2017
1. Fair Value of Plan Assets at Beginning of Year		$	401,142		$	360,900		$	85,303		$	70,408
2. Company Contributions		10,908			9,435			—			—
3. Plan Participants' Contributions		—			—			475			395
4. Benefit Payments from Fund		(32,674		)	(17,578		)	(1,077		)	(1,404		)
5. Benefit Payments paid directly by Company		(908		)	(335		)	—			—
6. Actual Return on Assets		(19,583		)	48,720			(6,464		)	16,299
7. Other Adjustment		834			—			(475		)	(395		)
8. Fair Value of Plan Assets at End of Year		$	359,719		$	401,142		$	77,762		$	85,303

Change in accumulated other comprehensive income (AOCI)

Change in accumulated other comprehensive income (loss) ("AOCI")
Table	11.6
		Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)		12/31/2018			12/31/2017			12/31/2018			12/31/2017
1. AOCI in Prior Year		$	108,054		$	101,575		$	(15,576	)	$	(18,079	)
2. Increase/(Decrease) in AOCI
a. Recognized during year - Prior Service (Cost)/Credit		351			426			4,104			6,649
b. Recognized during year - Net Actuarial (Losses)/Gains		(6,937		)	(6,169		)	250			—
c. Occurring during year - Prior Service Cost		(15		)	10			3,928			—
d. Occurring during year - Net Actuarial Losses/(Gains)		7,355			12,212			10,923			(4,146		)
3. AOCI in Current Year		$	108,808		$	108,054		$	3,629		$	(15,576	)

Amortizations expected to be recognized during next fiscal year

Table 11.7 shows the amount of amortization on components of net periodic benefit costs expected to be recognized during the year ending December 31,2019.

Amortization expected to be recognized during fiscal year ending
Table	11.7
		Pension and Supplemental Executive Retirement Plans			Other Postretirement Benefits
(In thousands)		12/31/2018			12/31/2018
1. Amortization of Net Transition Obligation/(Asset)		$	—		$	—
2. Amortization of Prior Service Cost/(Credit)		(280		)	(34		)
3. Amortization of Net Losses/(Gains)		8,271			—

Actuarial assumptions

The projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation for the plans were determined using the following weighted average assumptions.

Actuarial assumptions
Table	11.8
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefits
		12/31/2018		12/31/2017		12/31/2018		12/31/2017
Weighted-Average Assumptions Used to Determine
Benefit Obligations at year end
1. Discount Rate		4.40	%	3.75	%	4.25	%	3.55	%
2. Rate of Compensation Increase		3.00	%	3.00	%	N/A		N/A
Weighted-Average Assumptions Used to Determine
Net Periodic Benefit Cost for Year
1. Discount Rate		3.75	%	4.30	%	3.55	%	3.95	%
2. Expected Long-term Return on Plan Assets		5.75	%	5.75	%	7.50	%	7.50	%
3. Rate of Compensation Increase		3.00	%	3.00	%	N/A		N/A
Assumed Health Care Cost Trend Rates at year end
1. Health Care Cost Trend Rate Assumed for Next Year		N/A		N/A		6.25	%	6.50	%
2. Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate)		N/A		N/A		5.00	%	5.00	%
3. Year That the Rate Reaches the Ultimate Trend Rate		N/A		N/A		2024		2024

Year-end asset allocations of the plans

The year-end asset allocations of the plans are shown in table 11.9 below.

Plan assets
Table	11.9
		Pension Plan				Other Postretirement Benefits
		12/31/2018		12/31/2017		12/31/2018		12/31/2017
1. Equity Securities		23	%	21	%	100	%	100	%
2. Debt Securities		77	%	79	%	—	%	—	%
3. Total		100	%	100	%	100	%	100	%

Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]

Schedule of investment allocation strategies

The equity investments use combinations of mutual funds, ETFs, and pooled equity account structures focused on the following strategies:

Strategy	Objective	Investment types
Return seeking growth	Funded ratio improvement over the long term	●	Global quality growth
		●	Global low volatility
Return seeking bridge	Downside protection in the event of a declining equity market	●	Enduring asset
		●	Durable company

Minimum and maximum allocation ranges for fixed income securities and equity securities

The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives.  To achieve these objectives the minimum and maximum allocation ranges for fixed income securities and equity securities are:

	Minimum		Maximum
Equities (long only)	70	%	100	%
Real estate	0	%	15	%
Commodities	0	%	10	%
Fixed income/Cash	0	%	10	%

Actual and estimated future contributions and actual and estimated future benefit payments

Tables 11.12 and 11.13 show the current and estimated future contributions and benefit payments.

Company contributions
Table	11.12
		Pension and Supplemental Executive Retirement Plans		Other Postretirement Benefits
(In thousands)		12/31/2018		12/31/2018
Company Contributions for the Year Ending:
1. Current		$	10,908	$	—
2. Current + 1		10,650		—

Benefits payments - total
Table	11.13
		Pension and Supplemental Executive Retirement Plans		Other Postretirement Benefits
(In thousands)		12/31/2018		12/31/2018
Actual Benefit Payments for the Year Ending:
1. Current		$	33,582	$	652
Expected Benefit Payments for the Year Ending:
2. Current + 1		33,258		1,352
3. Current + 2		28,688		1,650
4. Current + 3		30,574		1,916
5. Current + 4		30,490		2,386
6. Current + 5		30,510		2,613
7. Current + 6 - 10		143,389		14,065

Effect of a 1% change in the health care trend rate assumption

A 1 percentage point change in the health care trend rate assumption would have the following effects on other postretirement benefits:

Health care trend rate assumption
Table	11.14
(In thousands)		1-Percentage Point Increase		1-Percentage Point Decrease
Effect on total service and interest cost components		$	327	$	(282	)
Effect on postretirement benefit obligation		3,221		(2,866		)

Pension Plan

Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]

Fair value of plan assets

Tables 11.10a and 11.10b set forth by level, within the fair value hierarchy, the pension plan assets and related accrued investment income at fair value as of December 31, 2018 and 2017. There were no securities that used Level 3 inputs.

Pension plan assets at fair value as of December 31, 2018
Table	11.10a
(In thousands)		Level 1		Level 2		Total
Domestic Mutual Funds		$	13,744	$	—	$	13,744
Corporate Bonds		—		181,363		181,363
U.S. Government Securities		19,904		1,324		21,228
Municipal Bonds		—		43,424		43,424
Foreign Bonds		—		30,113		30,113
ETFs		5,241		—		5,241
Pooled Equity Accounts		—		64,606		64,606
Total Assets at fair value		$	38,889	$	320,830	$	359,719

Pension plan assets at fair value as of December 31, 2017
Table	11.10b
(In thousands)		Level 1		Level 2		Total
Domestic Mutual Funds		$	1,006	$	—	$	1,006
Corporate Bonds		—		202,840		202,840
U.S. Government Securities		17,996		1,400		19,396
Municipal Bonds		—		62,293		62,293
Foreign Bonds		—		32,949		32,949
ETFs		5,734		—		5,734
Pooled Equity Accounts		—		76,924		76,924
Total Assets at fair value		$	24,736	$	376,406	$	401,142

Other Postretirement Benefit Plan

Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]

Fair value of plan assets

Tables 11.11a and 11.11b set forth the other postretirement benefits plan assets at fair value as of December 31, 2018 and 2017. All are Level 1 assets.

Other postretirement benefits plan assets at fair value as of December 31, 2018
Table	11.11a
(In thousands)		Level 1		Total
Domestic Mutual Funds		$	60,405	$	60,405
International Mutual Funds		17,357		17,357
Total Assets at fair value		$	77,762	$	77,762

Other postretirement benefits plan assets at fair value as of December 31, 2017
Table	11.11b
(In thousands)		Level 1		Total
Domestic Mutual Funds		$	64,489	$	64,489
International Mutual Funds		20,814		20,814
Total Assets at fair value		$	85,303	$	85,303